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Democrats Hands Are Dirty in the Financial Mess Too

Democratic House Speaker Nancy Pelosi loudly claims that the Democrats should get no blame for the Wall Street financial mess. That’s laughable. Democratic president Jimmy Carter and Bill Clinton and Congressional Democrats just as eagerly as the GOP cut sweetheart deals with financial industry lobbyists to gut lending and stock trading regulations, winked and nodded at the banks and brokerage houses as they engaged in an orgy of dubious stock swapping, buys, and trading, conned millions of homeowners into taking out catastrophic sub prime loans, and watered down the oversight powers of government regulatory agencies.

In 2005, Senate Democrats killed a bill to give regulators the power to require companies to shed their investments in risky assets. Barack Obama, Hillary Clinton, and Banking Committee Chair Christopher Dodd and other Congressional Democrats have been on the Wall Street dole to the tune of millions.

Make no mistake, when the phony Bush bailout swindle passes, Pelosi, Dodd and other Congressional Democrats will be its biggest cheerleaders.